Despite an upward rally last Friday, the major US stock indices closed in losses for last week, erasing a good part of the previous week’s gains.
For last week, the Dow fell 1.3%, the S&P 500 lost 2.2%, and the Nasdaq shed 4.3%. The S&P 500 recorded its worst first half to a year since 1970, falling 21%, while the Nasdaq posted its worst-ever first half, declining nearly 30%.
This week, the labor market will be in the spotlight with the Labor Department’s June nonfarm payrolls report due for release on Friday. Other labor market reports, including the Job Openings and Labor Turnover Survey (JOLTS), as well as ADP’s National Employment Report tracking private sector payroll growth, will provide further insights into the labor market.
International PMI surveys tracking business sentiment throughout the U.K. and eurozone will be released on Tuesday. Meeting minutes for the FOMC’s latest policy meeting, held in mid-June, will become available Wednesday.
It will be a quiet week for corporate earnings, just before second-quarter earnings swing into high gear in mid-July.
